The chairman of Irish developer Dunloe Ewart has increased his offer to shareholders in a bid to persuade 70% of them to back his plan to take the group private.

Noel Smyth, who is now offering £180m for the firm, said the move was necessary to fund its developments. These includes sites at Royal Avenue in Belfast and Sir John Rogerson’s Quay in Dublin.

Smyth is putting up £20m for the firm, with another £47m coming from UK giant British Land.

The offer will be put to the shareholders at a meeting scheduled for 8 September.

The move is part of an industry trend in which developers are seeking to delist. UK firm MEPC announced its intention to do so in May this year.